Even after being more than 10 years old, blockchain technology is still somewhat a mystery for common people who are not very much involved in the tech space. This article aims to educate people about the blockchain technology and some of its possible uses in the real world.
In this article, we try to understand the benefits of blockchain digital ledgers in four specific conditions that might provide a base for developing futuristic applications on this technology.
Let’s get started with the introduction part.
What is Blockchain?
Blockchain is distributed ledger technology, which was created as a network protocol for secure transfer of different kinds of digital assets. Blockchain transactions are peer-to-peer and do not involve any third-party intermediary.
Transactions in a blockchain are verified, processed and then recorded in an immutable database, where they remain public to be used for validation and other similar purposes.
Applications of Blockchain for Economic Benefits
Beyond bitcoin, the blockchain tech can be used in a wide range of industries, including digital identity verification, digital storing of data & assets, tokenization, smart contracts, cybersecurity, and more.
Here are some use – cases of blockchain:
Digital Asset Storage
Blockchain can potentially become the safest way to store and transmit digital assets of value, while ensuring that the transactions are completely transparent and assets cannot be accessed or tampered with during a transaction. This will further resolve the double-spending problem many digital transactions have been experiencing in the past.
The process of creating a digital asset is called tokenization, where the said asset is registered to a blockchain in order to be enabled for verifying and transmitting online. Some examples include digital recording of ownership of land, property, automobile, etc.
Many countries have already implemented the digitization of their citizens’ identity records over a secure platform, however, the existing recording systems are not completely reliable and secure enough. Blockchain can provide a safer, transparent and decentralized way for people to store their digital identities over the internet and use them for verification purpose as and how required.
Peer-to-Peer Business Transactions
Blockchain, being a decentralized, middleman-free ledger, can provide an effective way for businesses to conduct truly peer-to-peer transactions which are not only secure but also credible and auditable. Moreover, such transactions are low-cost as there are no intermediaries involved.
Owing to the increasing popularity and use of blockchain technology worldwide, it is now becoming an obvious choice of companies looking to develop blockchain-based solutions. Employers are hiring blockchain developers, and the demand for blockchain experts is now higher than ever. Blocklogy is a complete blockchain education portal which is designed to teach career-focused blockchain courses in a user-friendly and adaptive manner to prepare expert blockchain developers for tomorrow. Enroll today to get started!
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